Answer: They could either use the Income and expenditure or purchases journal too.
Explanation: Because its a Yoga Studio, lots of expenses will be made and appropriate postings are to be entered on time.
To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.
<h3>What is Journal entry?</h3>
A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.
A journal entry exists as a record of the business transactions in the accounting books of a business. A properly recorded journal entry consists of the correct date, amounts to be debited and credited, an explanation of the transaction, and a unique reference number. A journal entry exists as the first step in the accounting cycle.
Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.
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Answer:
(a) Belief that a company will remain in operation for the foreseeable future.
Accounting assumption or principle: Going concern assumption
(b) Indicates that personal and business record-keeping should be separately maintained.
Accounting assumption or principle: Economic entity assumption
(c) Only those items that can be expressed in money are included in the accounting records.
Accounting assumption or principle: Monetary unit assumption
(d) Separates financial information into time periods for reporting purposes.
Accounting assumption or principle: Periodicity assumption
(e) Measurement basis used when a reliable estimate of fair value is not available.
Accounting assumption or principle: Historical cost principle
(f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.
Accounting assumption or principle: Full disclosure principle
<u>Answer:</u>
<em>Mixed economics places some limits on the safety of society.
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<u>Explanation:</u>
As the name infers, a mixed economy is a type of framework where all exercises underway, just as those performed by private and government substances, mix free enterprise with different sorts of regulations. Both the general population and individual parts can work similarly, which implies that financial advancement will be speedier.
This is particularly evident, thinking that financial assets will be used effectively. Additionally, the consumption of assets will be backed off. What's more, the legislature would likewise attempt to build up every division of the population.
Answer:
They all are stores and having customers and sell products but a difference is they sell different things like pet food and wood power tools
